Shiba Inu-Themed Meme Coin Tanks After OKX Says Goodbye: Details

TL;DR

• A preferred meme coin inside SHIB’s ecosystem nosedived by double digits after OKX withdrew its help.
• Group member LUCIE addressed the panic, urging customers to embrace DeFi over centralized platforms and warning that even main exchanges aren’t proof against collapse.

BONE Heads South

Shiba Inu (SHIB) is a meme coin that has advanced into a sturdy ecosystem over the previous few years. One of the vital standard tokens inside the community is Bone ShibaSwap (BONE).

The asset has not been in its finest form these days, posting a 32% decline on a month-to-month scale and plunging by 12% up to now 24 hours alone.

The primary cause triggering the most recent downfall is OKX’s determination to withdraw its help from the meme coin. The well-known cryptocurrency trade announced that it would delist a number of digital belongings on July 7, with BONE included within the record. 

OKX has already suspended deposits involving the token, whereas withdrawals will be terminated by the tip of September. 

“We’ll proceed to watch all listed buying and selling pairs and implement the delisting/hiding mechanism as essential,” the corporate concluded.

OKX boasts over 50 million customers globally and is among the many behemoths in its discipline. When it withdraws help for a token, it typically results in detrimental value impacts pushed by decreased liquidity, restricted entry, and potential reputational issues.

BONE noticed the sunshine of day in the summertime of 2021 alongside the debut of ShibaSwap – Shiba Inu’s decentralized trade. It allows holders to vote on improvement proposals and affect protocol choices, serves as a reward for liquidity suppliers, and features as a fuel token for Shibarium. Throughout its early days, its value skyrocketed above $15, whereas at present, it trades at a mere $0.18. 

The Neighborhood’s Response

One one who gave their two cents on the delisting effort is the X person LUCIE, who serves as Shibarium’s advertising strategist. The group member thinks there’s a lot panic over two (unnamed) “manipulative” exchanges which have withdrawn their help from the token. 

LUCIE mentioned they don’t wish to be concerned within the drama, placing their belief in DeFi and highlighting its benefits over centralized platforms:

“I belief DeFi. Use good exchanges solely to trade. We’re right here to construct and embrace DeFi – and simplify it so even inexperienced persons can onboard while not having 2FA, KYC, and a blood pattern simply to get began.”

Shibarium’s government additionally famous that SHIB and different cryptocurrencies, like XRP, have confronted related FUD (Concern, Uncertainty, and Doubt) however have survived the backlash over time. On the identical time, LUCIE reminded in regards to the demise of former giants like FTX and WazirX, hinting that centralized exchanges usually are not immune to a different collapse of that kind.